Business & Money | Wednesday 1 June, 2016 2:33 pm |

FORBES MIDDLE EAST recently concluded a splendid event to recognize the Top Companies in the Arab World 2016. The event applauded the efforts of these companies and their contribution towards economic development of the region. 

Dr. Nasser bin Aqeel Al Tayyar, President and Publisher of Arab Publishing House delivered an executive speech and stated, “The main objective of such networking events is our constant effort to support and encourage business leaders. Such events connect companies with decision makers, which will eventually help in success and development of the country.”

Dr. Nasser also thanked His Excellency Sheikh Mohammad Abdullah Al-Mubarak Al-Sabah, Minister of State for Cabinet Affairs, for his patronage and for attending the event. 

His Excellency Sheikh Mohammad Abdullah Al-Mubarak Al-Sabah, Minister of State for Cabinet Affairs said, “I am honored and grateful to be invited to such a gala event organized by Forbes Middle East for the very first time in Kuwait. I am glad to be a part of celebrating accomplishments of these Kuwaiti business people and my best wishes to all of them in their future endeavors.”

The event also celebrated success of Kuwait and honored Kuwaiti companies. Forbes Middle East, for the very first time unveiled its “Kuwait Guide 2016”, which included its own rankings comprising of three major categories: The Top listed companies in Kuwait, with 70 companies listed on the Kuwaiti stock exchange; the Top Companies Making an Impact in Kuwait, with 15 privately-held companies; and the Most Powerful Women in Kuwait, honoring 15 Kuwaiti business women.

Key insights from the Top 100 Arab Companies 2016 ranking were: 

• Total assets were up 4% to $2.6 trillion from 2015.
• Total market value dropped 15.5% to $689 billion between April 1, 2015 and April 6, 2016.
• Aggregate sales and profits decreased nearly 3% to $281.5 billion and $58.6 billion, respectively. 
• Although the Saudi stock market was the hardest hit last year – with a 29.5% drop from a year ago – Saudi companies dominate the list, making up to one-third of the top 100, and five of the top 10. 
• Saudi petrochemicals giant SABIC still ranks first. 
• Half of the companies on the list are banks, followed by telecom operators and real estate developers. The majority are from Gulf countries.
• QNB is the largest bank in the region, ranking first in terms of assets. Etisalat, the biggest Arab telecommunications company, is fourth.

Political instability and plunging oil prices were the main reason affecting the financial performance. 

The complete list can be viewed at: http://www.forbesmiddleeast.com/en/lists/read/2016/top-100-companies-in-the-arab-world-2016/listid/281/ 

About Forbes Middle East

Forbes Middle East is the licensed Middle Eastern version of the world-renowned Forbes magazine and extends the Forbes brand of journalism across the Arab world. Forbes Middle East's distinctive editorial style attracts a readership community of billionaires, powerful Arab men and women, entrepreneurs, C-level executives, government officials and investors united by a belief in the spirit of free enterprise and entrepreneurial values.  

Across the region, Forbes Middle East is setting the pace for preemptive business journalism. By uncovering trends and anticipating opportunities in the regional marketplace, each monthly issue, brings top executives the information critical to their success – in both Arabic & English language editions.  Forbes Middle East is the guiding compass for investments and best practices in the Arab region. 

The magazine researches and publishes original and relevant lists/rankings, based on the criteria of neutrality, authenticity, commitment to the methodology of scientific research and the quality of standards set globally by Forbes Media, US.